Wrap Text
Recovery of 287-carat diamond in MIddle Orange River
ROCKWELL DIAMONDS INCORPORATED
(A company incorporated in accordance with the laws of British
Columbia, Canada)
(Incorporation number BCO354545)
(South African registration number: 2007/031582/10)
Share code on the JSE Limited: RDI ISIN: CA77434W2022
Share code on the TSX: RDI CUSIP Number: 77434W103
Share code on the OTCBB: RDIAF
ROCKWELL CONTINUES PRODUCTION OF LARGE DIAMONDS IN MIDDLE ORANGE WITH
RECOVERY OF 287-CARAT STONE
November 27, 2013 Vancouver, BC – Rockwell Diamonds Inc. ("Rockwell"
or the "Company") (TSX: RDI; JSE: RDI) announces the recovery of a
287-carat diamond from its operations in the Middle Orange River
(“MOR”) region which is of commercial colour (tinted white) and
makeable in shape. As the fifth large stone from this resource in
three months, this recovery further reinforces management’s decision
to focus operations in Middle Orange region.
The diamond will be sold into the beneficiation joint venture with
Steinmetz Diamonds at market value with Rockwell participating
equally in the value uplift once it has been polished and sold.
Commenting on the recovery of this large stone James Campbell, CEO
and President said:
“This 287-carat diamond is only the second rough diamond exceeding
200 carats produced by Rockwell in its eight year history and is one
of the largest stones produced in the Middle Orange in recent times.
The stone was recovered from the Saxendrift Extension property
acquired in March 2012 and follows the recovery of four plus 100-
carat diamonds in September 2013. These results show that our plants
are correctly geared for the recovery of large diamonds that
characterize the Middle Orange River region. This is also a strong
validation of our strategy to grow our alluvial production volumes to
500,000m3 per month in order to produce large stones more regularly
and improve Rockwell’s quarterly earnings performance.”
“At our other operations, the Saxendrift Hill Complex Bulk X-ray
operation is performing well with solid results. At Niewejaarskraal,
ramp up operations are ongoing, with the implementation of an in-
field screen. We are on track to commission a Bulk X-ray system early
in 2014, which was procured on a rental basis.”
For further information on Rockwell and its operations in South
Africa, please contact
James Campbell
CEO
+27 (0)83 457 3724
Stéphanie Leclercq
Investor Relations
+27 (0)83 307 7587
About Rockwell Diamonds:
Rockwell is engaged in the business of operating and developing
alluvial diamond deposits, with a goal to become a mid-tier diamond
production company. The Company has three existing operations, which
it is progressively optimizing, two development projects and a
pipeline of earlier stage properties with future development
potential.
Rockwell also evaluates merger and acquisition opportunities which
have the potential to expand its mineral resources and production
profile and would provide accretive value to the Company.
No regulatory authority has approved or disapproved the information
contained in this news release.
Forward Looking Statements
Except for statements of historical fact, this news release contains
certain "forward-looking information" within the meaning of
applicable securities law. Forward-looking information is frequently
characterized by words such as "plan", "expect", "project", "intend",
"believe", "anticipate", "estimate" and other similar words, or
statements that certain events or conditions "may" or "will" occur.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual
results or developments may differ materially from those in the
forward-looking statements.
Factors that could cause actual results to differ materially from
those in forward-looking statements include uncertainties and costs
related to exploration and development activities, such as those
related to determining whether mineral resources exist on a property;
uncertainties related to expected production rates, timing of
production and cash and total costs of production and milling;
uncertainties related to the ability to obtain necessary licenses,
permits, electricity, surface rights and title for development
projects; operating and technical difficulties in connection with
mining development activities; uncertainties related to the accuracy
of our mineral resource estimates and our estimates of future
production and future cash and total costs of production and
diminishing quantities or grades if mineral resources; uncertainties
related to unexpected judicial or regulatory procedures or changes
in, and the effects of, the laws, regulations and government policies
affecting our mining operations; changes in general economic
conditions, the financial markets and the demand and market price for
mineral commodities such and diesel fuel, steel, concrete,
electricity, and other forms of energy, mining equipment, and
fluctuations in exchange rates, particularly with respect to the
value of the US dollar, Canadian dollar and South African Rand;
changes in accounting policies and methods that we use to report our
financial condition, including uncertainties associated with critical
accounting assumptions and estimates; environmental issues and
liabilities associated with mining and processing; geopolitical
uncertainty and political and economic instability in countries in
which we operate; and labour strikes, work stoppages, or other
interruptions to, or difficulties in, the employment of labour in
markets in which we operate our mines, or environmental hazards,
industrial accidents or other events or occurrences, including third
party interference that interrupt operation of our mines or
development projects.
For further information on Rockwell, Investors should review
Rockwell's home jurisdiction filings that are available at
www.sedar.com.
Information Concerning Estimates of Measured, Indicated and Inferred
Resources
This news release uses the terms “measured resources”, "indicated
resources" and "inferred resources". Northern Dynasty Minerals Ltd.
advises investors that although these terms are recognized and
required by Canadian regulations (under National Instrument 43-101
Standards of Disclosure for Mineral Projects), the U.S. Securities
and Exchange Commission does not recognize them. Investors are
cautioned not to assume that any part or all of the mineral deposits
in these categories will ever be converted into reserves. In
addition, "inferred resources" have a great amount of uncertainty as
to their existence, and economic and legal feasibility. It cannot be
assumed that all or any part of an Inferred Mineral Resource will
ever be upgraded to a higher category. Under Canadian rules,
estimates of Inferred Mineral Resources may not form the basis of
feasibility or pre-feasibility studies, or economic studies except
for Preliminary Assessment as defined under 43-101. Investors are
cautioned not to assume that part or all of an inferred resource
exists, or is economically or legally mineable.
27 November 2013
Johannesburg
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 27/11/2013 03:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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